The annotated list of hepatics for the Caucasian State Nature Reserve (CSNR), one of the largest reserves in European Russia, records 126 species based on approximately 700 specimens collected by the authors. 12 species (Calypogeia sphagnicola, Cephalozia ambigua, Cephaloziella aspericaulis, C.varians, Jungermannia pumila, Lunularia cruciata, Mannia androgyna, Marsupella sparsifolia, Pallavicinia lyellii, Peltolepis quadrata, Sauteria alpina, Scapania brevicaulis) are new records for the Russian part of the Caucasus, 74 are new for the Republic of Adygeya. New localities for eight red-listed European species and five that are red-listed in the Krasnodarskyi Territory also are documented, indicating significant conservation value of the resereve. The greater richness of the flora of the Caucasian Reserve by comparison to that of Teberdinsky Reserve in Northern Caucasus is discussed.